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Old Posted Nov 13, 2008, 12:26 AM
HX_Guy HX_Guy is offline
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Join Date: May 2006
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Quote:
Originally Posted by Classical in Phoenix View Post
We still have no construction on the Aloft Hotel after the city "required" them to have started in October.
Actually the time to start construction has not expired. I really don't think they can break the agreement unless a formal amendment to the original agreement is filed.

For this particular project, the developer has until 12/20/2008 to complete construction drawings, satisfy all requirements for issuance of building permits, provide evidence of financing commitments, provide an executed franchise agreement with Starwood Hotels.

Once they had all of that done, either on or before 12/20/08...they then have 90 days to start construction. If we don't see dirt moving by 03/2009 then we should be worried.
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